TTF Extends Gains to Recover Losses from Last Week

TTF extends gains from yesterday to the highest since Feb. 16 as prices recover slightly from the low levels seen late last week.

• TTF MAR 24 up 2.3% at 24.95€/MWh
• TTF SUM 24 up 2.3% at 25.5€/MWh
• TTF WIN 24 up 1.2% at 29.61€/MWh
• The European Commission is proposing the adoption of a Council recommendation to extend European natural gas demand saving measures of 15%, compared with the April 2017 to March 2022 levels, by one year until 2025.
• Mild temperatures are forecast to persists across Europe in the coming two weeks with especially warm temperatures expected in central Europe.
• European gas storage was up at 63.48% full according to GIE data compared to the seasonal five year average of 46.7% as withdrawals increase back to near normal levels on Feb. 26.
• Norwegian pipeline supplies to Europe are today at 339.4mcm/d and in line with the average seen over the previous week.
• European LNG sendout was up again to 381mcm/d on Feb 26 according to Bloomberg to move further above the average seen to date in February but still below the Feb 2023 average of about 440mcm/d.
• Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara is today down at 34.3m/d.
• ICE TTF daily aggregate traded futures volume was up at 328k yesterday.